The pound has fallen to a three-week low amid continued conflict over Theresa May’s Brexit plan.
With just six months left for Britain to exit the EU, deep divisions in the party could be seen at the Conservative Party conference. While May defended her so-called Chequers plan for leaving the EU, many critics, including Boris Johnson, have openly defied her.
Amid such political turmoil, the pound has fallen to £1.1243 against the euro today and was trading at $1.2979 against the dollar– its lowest since September 10.
May said today that she plans to remain in the job “for the long term” and called on her party to back her plan for Brexit.
“The conference is a minefield for sterling. We’re trading from headline to headline,” WorldFirst head of FX strategy Jeremy Cook said.
“The bias for the pound is to the downside,” Cook added.